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Bitcoin: The What, Who, Why, Where and How

What is Bitcoin: Bitcoin is a kind of money. What makes money, money
is money’s ability to exchange itself with a commodity or a particular service.
Anything of value can do that. A laptop, an apple fruit, a paper with or
without words in it can be used as money. Bitcoin does just that. Hence,
Bitcoin can be given the same universal definition of money - that is, a medium
of exchange for goods and services. But like I stated in my first sentence, it
is a ‘kind’ of money.

What kind of money? A digital or virtual kind of
money. It is digital in the sense that, it is not printed like your Naira or Dollar. Virtual in the sense that, it is not physically felt or produced like
other commodities that can serve as a medium of exchange. Now let’s try
defining it, technically.

Bitcoin is a kind of money or peer-to-peer payment
system that is digitally created and handled through encryption techniques with
transactions taking place without any intermediary. Transactions are confirmed
though, by network nodes, documented in a public ledger which is called the Blockchain. Who invented bitcoin: The inventor of the bitcoin is still largely
unverified. The name used as alias by the person who invented the bitcoin is
Satoshi Nakamoto. “Satoshi Nakamoto” published a paper on a The Cryptography
Mailing list, describing the bitcoin digital currency.Who
can use Bitcoin: Anybody can. No one has to be a computer guru to use
the bitcoin currency.When
was bitcoin invented: Satoshi, in October 2008 published the paper
detailing the bitcoin currency. January 2009, he released the first bitcoin
software that started the network.Why
was bitcoin invented: I believe bitcoin was primarily invented to protect
privacy in transactions. Secret information is not required on any bitcoin
transactions, unlike the credit card transaction where private information is
required every now and then.Why
use bitcoin: ·Transaction fees for bitcoin are nominal
(check outhttps://jostpay.com), unlike credit card transactions.·No central bank can take it away from
owner, as no central government has control.·No one can steal private information, as
the platform requires none of it.·There can only be 21 million bitcoin in
the world. That is, the number of bitcoin won’t surpass that. This tells us
that, in the bitcoin world, inflation won’t come up, deflation is more likely.·From the above, we can say using bitcoin
is cheap.·You can create your own money (We’ll
talk about that in the How)Where
can you use bitcoin: Bitcoin can be used both online and offline. It can
be spent on computers, pizza, event tickets, on anything.How
is bitcoin created: Bitcoin is created through an activity called
mining. Mining is when new
bitcoins are generated by
a competitive and decentralized process. Individuals who engaged in this
activity are rewarded by the network for their services. Bitcoin miners are managing
transactions and securing the network using specialized hardware and are
rewarded with new bitcoins in
exchange. How
can I own a bitcoin: Now, you don’t have to be a miner
to own a bitcoin. You can buy bitcoin from certified exchangers (check out https://instantexchangers.net)
with your local currency. But first, you’ll then need to create a bitcoin
wallet where you can safely store your digital money (check https://jostpay.com).

That’s it; you’re good to go on
your bitcoin adventure.

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I have been trying to dig out a good & funny intro line to start
this article but none seem to be coming at this time. So I'm just gonna
straight to the point.

What is Bitcoin?
Bitcoin is a digital or virtual type of money. Digital in the sense
that, it is not printed like your Naira or Dollar. Virtual in the sense
that, it is not physically felt or produced like other commodities that
can serve as a medium of exchange, store of value and unit of account. I
believe we understand that 'money' is not limited to our fiat
currencies alone. Money can be anything. Anything that can perform the
main functions of money can be used as 'money'. As you can exchange your
1000Naira for a plate of eba and egusi soup. You can also exchange your
iPhone7 for that same plate of food if you want to. Am certain Mama
Kabiratu won't mind. It is satisfying the same desire.

Now, defining bitcoin technically, Bitcoin is a kind of money or
peer-to-peer payme…